Cloud Infrastructure Market
According to a new report published by Allied Market Research, titled, “Cloud Infrastructure Market,” The cloud infrastructure market was valued at $96.9 billion in 2022, and is estimated to reach $440.2 billion by 2032, growing at a CAGR of 16.7% from 2023 to 2032.
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Cloud infrastructure pertains to the virtualized, on-demand computing resources that are furnished by cloud service providers via the internet. It encompasses a comprehensive array of services, encompassing computing power, storage, and networking, thus enabling businesses and individuals to access and employ IT resources without the necessity of possessing or maintaining physical hardware.
Cloud infrastructure generally comprises of geographically dispersed data centers that are interconnected to guarantee dependability and redundancy. Users can easily scale their computing resources up or down in accordance with their requirements, thereby solely paying for the resources utilized, which is a vital characteristic referred to as elasticity.
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The three main service models in cloud infrastructure are Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). IaaS provides the foundational building blocks such as virtual machines and storage, PaaS offers a platform for application development, and SaaS delivers software applications over the internet. Cloud infrastructure has become a cornerstone of modern IT, fostering innovation, agility, and cost-efficiency for organizations across various industries.
Additionally, the cloud infrastructure market is expected to witness notable growth owing to surge in demand for cloud computing, growing demand for AI cloud and hybrid cloud and growing spending on cloud. Moreover, increased adoption of IoT and connected devices is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, lack of technical knowledge and expertise limits the growth of the cloud infrastructure market forecast.
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On the basis of deployment mode, public cloud dominated the cloud infrastructure market size in 2022, owing to the escalating implementation of multi-cloud strategies, wherein corporations exploit services from numerous cloud providers for the purpose of risk diversification, cost optimization, and accessing a wider array of capabilities. Another noteworthy phenomenon entails the ongoing progression of serverless computing, as public cloud providers refine their serverless platforms to streamline application development, mitigate operational burdens, and optimize resource allocation.
However, the hybrid cloud is expected to witness the fastest growth, owing to the increasing focus on multi-cloud strategies in hybrid environments, whereby enterprises incorporate services from various cloud providers to circumvent vendor lock-in, enhance cost effectiveness, and exploit a wider selection of specialized offerings.
Region-wise North America dominated the cloud infrastructure market share in 2022, owing to the accelerated adoption of edge computing, driven by the demand for real-time processing of data closer to the source. This trend is particularly pronounced in applications related to the Internet of Things (IoT) and ensuring low-latency experiences. There is a growing emphasis on cloud security measures and compliance frameworks.
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However, Asia-Pacific is expected to witness the fastest growth in the upcoming year, owing to the adoption of cloud-native technologies and architectures, with organizations increasingly leveraging containerization, microservices, and serverless computing to enhance agility and scalability. Multi-cloud strategies are gaining traction, as businesses seek to avoid vendor lock-in, optimize costs, and access specialized services from different cloud providers.
The COVID-19 pandemic has had a significant impact on cloud infrastructure, acting as a catalyst for the accelerated adoption of cloud services and shedding light on certain challenges. From a positive perspective, the increase in remote work and the necessity for digital collaboration prompted businesses to swiftly adopt cloud services to ensure seamless connectivity and access to data. Cloud infrastructure played a crucial role in supporting the scalability and flexibility that were required for the sudden and widespread shift to remote work.
Organizations utilized cloud platforms for virtual collaboration tools, data storage, and the implementation of vital applications. Furthermore, the pandemic emphasized the importance of adaptability, with cloud infrastructure enabling businesses to promptly adjust to changing market circumstances and customer requirements.
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However, the amplified dependence on cloud services has also exposed vulnerabilities, including concerns surrounding the security and confidentiality of data. The escalated demand for cloud resources during the pandemic has resulted in heightened risks in terms of cybersecurity, thereby compelling organizations to prioritize robust security measures.
The impact of COVID-19 on cloud infrastructure can be characterized by an expedited adoption driven by the necessity for remote collaboration and the facilitation of digital transformation. While the indispensability of cloud services in ensuring the continuity of business operations cannot be overstated, the challenges posed by the surge in cyber threats underscore the ongoing significance of addressing security considerations within the dynamic landscape of cloud infrastructure.
The key players profiled in the cloud infrastructure industry analysis are Hewlett Packard Enterprise Development LP, Dell Inc., Cisco Systems, Inc., IBM Corporation, Amazon Web Services, Inc., Salesforce, Inc., Intel Corporation, Oracle Corporation, Alphabet Inc. (Google LLC), and NetApp. These players have adopted various strategies to increase their market penetration and strengthen their position in the cloud infrastructure industry.
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